Teachers Retirement System of The State of Kentucky acquired a new position in L3Harris Technologies, Inc. (NYSE:LHX – Get Rating) during the third quarter, Holdings Channel.com reports. The firm acquired 17,868 shares of the company’s stock, valued at approximately $3,714,000.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. boosted its holdings in L3Harris Technologies by 15.1% during the third quarter. BlackRock Inc. now owns 14,314,799 shares of the company’s stock worth $2,975,043,000 after buying an additional 1,875,236 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in L3Harris Technologies by 17.4% during the third quarter. Price T Rowe Associates Inc. MD now owns 9,758,276 shares of the company’s stock worth $2,028,151,000 after buying an additional 1,448,364 shares in the last quarter. Cowa LLC purchased a new stake in L3Harris Technologies during the first quarter worth $26,000. Raymond James & Associates boosted its holdings in L3Harris Technologies by 83.7% during the third quarter. Raymond James & Associates now owns 938,579 shares of the company’s stock worth $195,072,000 after buying an additional 427,649 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its holdings in L3Harris Technologies by 374.8% during the third quarter. DekaBank Deutsche Girozentrale now owns 486,138 shares of the company’s stock worth $102,906,000 after buying an additional 383,747 shares in the last quarter. Institutional investors and hedge funds own 82.18% of the company’s stock.
Analysts Set New Price Targets
A number of analysts recently issued reports on LHX shares. Susquehanna increased their price target on shares of L3Harris Technologies from $265.00 to $270.00 and gave the stock a “positive” rating in a report on Monday, January 30th. Truist Financial decreased their price objective on shares of L3Harris Technologies from $264.00 to $255.00 and set a “buy” rating on the stock in a report on Monday, January 30th. StockNews.com assumed coverage on shares of L3Harris Technologies in a report on Thursday. They set a “buy” rating on the stock. Robert W. Baird downgraded shares of L3Harris Technologies from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $290.00 to $241.00 in a report on Monday, December 19th. Finally, Citigroup assumed coverage on shares of L3Harris Technologies in a report on Thursday, December 8th. They set a “neutral” rating and a $250.00 price objective on the stock. Eight investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $259.46.
L3Harris Technologies Price Performance
L3Harris Technologies (NYSE:LHX – Get Rating) last released its quarterly earnings data on Friday, January 27th. The company reported $3.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.21 by $0.06. L3Harris Technologies had a net margin of 6.22% and a return on equity of 13.20%. The firm had revenue of $4.58 billion during the quarter, compared to analysts’ expectations of $4.36 billion. During the same period last year, the business earned $3.30 earnings per share. L3Harris Technologies’s revenue was up 5.2% compared to the same quarter last year. Sell-side analysts anticipate that L3Harris Technologies, Inc. will post 12.32 earnings per share for the current year.
L3Harris Technologies Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 24th. Investors of record on Friday, March 10th will be given a dividend of $1.14 per share. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.12. This represents a $4.56 annualized dividend and a yield of 2.34%. The ex-dividend date is Thursday, March 9th. L3Harris Technologies’s dividend payout ratio (DPR) is presently 83.36%.
L3Harris Technologies Company Profile
L3Harris Technologies, Inc engages in the provision of defense and commercial technologies across the air, land, sea, space, and cyber domains. It operates through the following segments: Integrated Mission Systems, Space and Airborne Systems, Communication Systems, and Aviation Systems. The Integrated Mission Systems segment consists of multi-mission ISR and communication systems, integrated electrical and electronic systems for maritime platforms, and advanced electro-optical and infrared solutions.
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